 "Goldman upgrades RIL on increased refining, oil demand")
Goldman Sachs has upgraded Reliance Industries (RIL) to buy from neutral, citing a potential lift in margins on increased refining and recovering oil demand, sending the refiner’s shares up in pre-open trade on Tuesday.
“We believe that an upcycle in refining will lift margins and is likely to drive an earnings surprise for RIL over the medium term, by offsetting lackluster E&P performance,” the bank said in a report dated on Monday.
[caption id=“attachment_205613” align=“alignleft” width=“380” caption=“Goldman Sachs has upgraded Reliance Industries (RIL) to buy from neutral,Reuters”]  [/caption]
Goldman raised its target prices for the oil and gas major to Rs 970 from Rs 960 previously.
Reliance, controlled by Mukesh Ambani, India’s richest man, opened a share buyback on February 1 as it looks to prop up its underperforming shares by spending up to $2.1 billion to buy back shares at a maximum price of Rs 870 r each.
Reliance shares were up 1.1 percent at Rs 842 in early trade on Tuesday.
Reuters
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